The Philippine peso fell against other Asian currencies today, Tuesday, 9th August 2022, after the country’s second-quarter GDP did not increase as expected.
Earlier today, on the USD/PHP currency pair, the PHP fell 0.4% to 55.585 against the USD. Government data showed that the Philippine economy expanded by 7.2% in the second quarter, below analyst expectations of 8.6% but within the country’s target.
However, a lower-than-expected reading may see the Philippine Central Bank lower its interest rate hikes this year while attacking runaway inflation.
Last week’s data showed Philippine CPI inflation rose beyond expectation in July. A mix of heated inflation and rising interest rates might negatively affect economic growth in the Southeast Asian economy.
Among other Asia-Pacific currencies, China’s yuan, the Japanese yen, and the Australian dollar moved barely 0.1% in either direction against the Dollar.
In Asia, investors look forward to Chinese CPI figures on Wednesday to measure the full impact of the recent COVID-19 and the President’s lockdown policy on the economy.
Consumer price inflation in China, the world’s second-largest economy, is expected to have risen slightly in July, while producer price inflation is ready to dwindle.
You might also like: The USD Dwindles as the Market Awaits the US CPI Data Release.
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